HMD raises $100 million to expand Nokia phone range and sales channels

HMD Global, the Finnish company set up by former Nokia employees and owns the right to use the Nokia brand on phones, has raised a huge sum of money for its growth plans this year. 

According to Reuters, HMD Global managed to raise $100 million of funding from new investors such as DMJ Asia Investment Opportunity and Foxconn subsidiary FIH Mobile. The $100 million funding will help the company expand its Nokia smartphone range and double the sales channels in key markets. 

Earlier this year, HMD announced five new Nokia smartphones (Nokia 8 Sirocco, Nokia 7 Plus, Nokia 6, Nokia 1 and an updated Nokia 8110) at Mobile World Congress 2018. Counterpoint Research revealed that Nokia was the biggest selling brand in 2017 for low-cost feature phones and ranked 11th in smartphones. 

Source: Reuters